ไทม์ไลน์ข่าวสาร forex

พฤหัสบดี, พฤษภาคม 9, 2024

Colombia Consumer Price Index (YoY) came in at 7.16%, above forecasts (7.15%) in April

Japan JP Foreign Reserves down to $1B in April from previous $1290.6B

Japan's top currency diplomat, Masato Kanda, who will instruct the BoJ to intervene, when he judges it necessary, said on Thursday that he will take appropriate action if it’s necessary.

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“Is prepared for currency intervention at any time.”

“Does not comment on intervention speculation.”

“Denies discussing intervention.”Market reaction At the time of writing, USD/JPY was trading at 155.57, adding 0.03% on the day. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers. This process has exacerbated more recently due to an increasing policy divergence between the Bank of Japan and other main central banks, which have opted to increase interest rates sharply to fight decades-high levels of inflation. How does the differential between Japanese and US bond yields impact the Japanese Yen? The BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supports a widening of the differential between the 10-year US and Japanese bonds, which favors the US Dollar against the Japanese Yen. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.  

The GBP/USD pair remains on the defensive around 1.2495 on Thursday during the early Asian session.

GBP/USD trades on a softer note near 1.2495 in Thursday’s early Asian session. Fed’s Collins emphasized the need to stay higher for longer, as it will take longer than previously thought to bring inflation down.The BoE is widely expected to keep its policy rate unchanged at 5.25% on Thursday. The GBP/USD pair remains on the defensive around 1.2495 on Thursday during the early Asian session. Greenback edges higher for the third consecutive day, which weighs on the major pair. Traders turn to cautious mode ahead of the Bank of England (BoE) interest rate decision later in the day, with no change in rate expected. Also, the US weekly Initial Jobless Claims are due on Thursday, followed by the Federal Reserve’s (Fed) Mary Daly speech. 
 
The Fed officials have offered some cues amid the absence of US top-tier economic data releases earlier this week. On Wednesday, Boston Fed President Susan Collins said it will take longer than previously thought to bring inflation down to the 2% target, emphasizing that the rate will likely stay higher for longer. New York Fed president John Williams and Minneapolis Fed president Neel Kashkari also showed that they favor holding rates at current levels for longer. These hawkish comments from the Fed policymakers provide some support for the US Dollar (USD) and create a tailwind for the GBP/USD pair. 

The FOMC committee decided to keep interest rates unchanged last week. The hotter-than-expected US inflation data has kept officials from lowering borrowing costs. Financial markets see under two cuts this year, from as many as six seen at the beginning of 2024.

On the other hand, the BoE is likely to keep the key rate of interest unchanged at 5.25% at its May meeting on Thursday. However, the downward trajectory of the UK’s inflation has triggered speculation that the BoE might cut its rate before the US Fed. Investors will take more cues from the BoE’s Bailey and Pill speeches on Thursday. In the event that the BoE policymakers continue their dovish stance, the Pound Sterling (BoE) might face further depreciation.  GBP/USD Overview Today last price 1.2497 Today Daily Change -0.0012 Today Daily Change % -0.10 Today daily open 1.2509   Trends Daily SMA20 1.2484 Daily SMA50 1.2607 Daily SMA100 1.2642 Daily SMA200 1.2546   Levels Previous Daily High 1.2568 Previous Daily Low 1.2501 Previous Weekly High 1.2635 Previous Weekly Low 1.2466 Previous Monthly High 1.2709 Previous Monthly Low 1.23 Daily Fibonacci 38.2% 1.2526 Daily Fibonacci 61.8% 1.2542 Daily Pivot Point S1 1.2484 Daily Pivot Point S2 1.2459 Daily Pivot Point S3 1.2417 Daily Pivot Point R1 1.2551 Daily Pivot Point R2 1.2593 Daily Pivot Point R3 1.2618    

Colombia Consumer Price Index (MoM) in line with expectations (0.59%) in April

United Kingdom RICS Housing Price Balance came in at -5%, below expectations (-2%) in April

South Korea Current Account Balance: 6.93B (March) vs 6.86B

EUR/USD is reverting to the near-term mean, stuck near 1.0750 and stuck firmly in the week’s opening trading range.

European markets to be thin on Thursday holiday.Economic calendar limited on both sides of the Atlantic.Broader markets continue to churn on rate cut expectations.EUR/USD is reverting to the near-term mean, stuck near 1.0750 and stuck firmly in the week’s opening trading range. European market flows are set to be thin on Thursday with German and French markets shuttered for the Ascension Day holiday, and US data is set to be strictly mid-tier until Friday’s University of Michigan Consumer Sentiment Index. Markets will be on the lookout for speeches from European Central Bank (ECB) policymakers, but ECB officials are broadly expected to avoid rocking the boat amidst holiday-constrained market flows. US Initial Jobless Claims for the week ended May 3 is expected during Thursday’s US market session, and markets are forecasting a slight uptick to week-on-week new jobless benefits claims to 210K from the previous week’s 208K. This week’s key data release will be Friday’s US UoM Consumer Sentiment Index, which is expected to ease to 7.0 for the month of May, down slightly from the previous print’s 77.2. The UoM’s consumer outlook survey hit a two-and-a-half year high in March as the US economy continues to outperform market hopes for easing conditions to push the Federal Reserve (Fed) towards rate cuts. EUR/USD technical outlook EUR/USD continues to drift towards median bids, pulling closer to the 200-hour Exponential Moving Average (EMA) at 1.0734. The pair found thin bids early Wednesday, setting an intraday high of 1.0757 before flubbing bullish momentum and ending the day near 1.0750.  Daily candles reveal a bearish technical rejection firming up as EUR/USD gets pulled down after failing to break above the 200-day EMA at 1.0788. The pair’s near-term peak sits at 1.0813, and a continuation to the downside leaves the pair exposed to a decline to the last swing low into the 1.0600 handle. EUR/USD hourly chart EUR/USD daily chart EUR/USD Overview Today last price 1.075 Today Daily Change -0.0005 Today Daily Change % -0.05 Today daily open 1.0755   Trends Daily SMA20 1.0696 Daily SMA50 1.0792 Daily SMA100 1.0837 Daily SMA200 1.0795   Levels Previous Daily High 1.0787 Previous Daily Low 1.0748 Previous Weekly High 1.0812 Previous Weekly Low 1.065 Previous Monthly High 1.0885 Previous Monthly Low 1.0601 Daily Fibonacci 38.2% 1.0763 Daily Fibonacci 61.8% 1.0772 Daily Pivot Point S1 1.0739 Daily Pivot Point S2 1.0724 Daily Pivot Point S3 1.07 Daily Pivot Point R1 1.0779 Daily Pivot Point R2 1.0803 Daily Pivot Point R3 1.0818    

The Australian Dollar extended its losses against the US Dollar for the second straight day, as higher US Treasury bond yields underpinned the Greenback.

AUD/USD drops 0.26%, pressured by higher US Treasury yields and risk aversion, contributing to a 0.70% two-day decline.RBA keeps rates steady; nuanced inflation comments lead to negative market reaction for AUD/USD.US Fed caution echoed by Boston Fed President Susan Collins, warning against premature rate cuts amid September cut expectations.The Australian Dollar extended its losses against the US Dollar for the second straight day, as higher US Treasury bond yields underpinned the Greenback. On Wednesday, the AUD/USD lost 0.26% as market participants turned risk-averse ahead of the release of further US data during the rest of the week, followed by next week’s inflation report. As the Asian session begins, the pair trades at 0.6577, virtually unchanged. AUD/USD dips amid rising US yields and cautious market sentiment ahead of key economic data releases. The financial markets remain strictly focused on when the major central banks would ease policy. on Tuesday, the Reserve Bank of Australia (RBA) decided to keep rates unchanged, though slightly tweaked their statement, mentioning that inflation is indeed cooling. Despite adding that “the Board is not ruling anything in or out,” AUD/USD traders punished the Aussie Dollar, as it has lost close to 0.70% in the last two days. RBA’s Governor Michele Bullock maintained a balanced tone at the press conference. Regarding rates, she mentioned that "we might have to raise, we might not," indicating the board's contemplation of rate hikes at this meeting. On the US front, Federal Reserve officials continued to cross the newswires. Boston Fed President Susan Collins stated that she expects demand to slow down to bring inflation to the Fed’s 2% goal. She added that there are risks of cutting rates “too soon” and mentioned that the current policy is well-positioned and that it is “moderately restrictive.” Regarding interest rate expectations, the swaps market has largely discounted any further RBA rate hikes over the next six months, with a decrease priced in for the subsequent six months. On the US front. the CME FedWatch Tool shows that odds for a quarter-percentage-point cut in September by the Fed increased from 55% last week to 85% as of writing. AUD/USD Price Analysis: Technical outlook From a daily chart perspective, the pair is neutral to upward biased, though buyers need to surpass the latest cycle high seen at 0.6667 the March 8 high, which could exacerbate a rally toward 0.6700. Once cleared, the next resistance level would be the December 28 high at 0.6871. On the other hand, if sellers push prices below the 100-day moving average (DMA) at 0.6577, subsequent losses are awaited. The next demand level would be the 50-DMA at 0.6535, followed by the 200-DMA at 0.6515.AUD/USD Overview Today last price 0.658 Today Daily Change -0.0017 Today Daily Change % -0.26 Today daily open 0.6597   Trends Daily SMA20 0.6504 Daily SMA50 0.6536 Daily SMA100 0.658 Daily SMA200 0.6522   Levels Previous Daily High 0.6638 Previous Daily Low 0.6587 Previous Weekly High 0.6649 Previous Weekly Low 0.6465 Previous Monthly High 0.6644 Previous Monthly Low 0.6362 Daily Fibonacci 38.2% 0.6606 Daily Fibonacci 61.8% 0.6618 Daily Pivot Point S1 0.6577 Daily Pivot Point S2 0.6556 Daily Pivot Point S3 0.6526 Daily Pivot Point R1 0.6628 Daily Pivot Point R2 0.6659 Daily Pivot Point R3 0.6679    

The NZD/USD pair maintains a strong bearish bias despite recent upward movements as buyers seem to have stalled at around 0.6000 and struggle to gain further ground while momentum wanes.

Indicators on the daily chart shows decelerating bullish momentum.The RSI on the hourly chart indicates fluctuating buying and selling pressures, despite its position in the positive zone.For bulls to avoid losses, they must defend the key 20-day SMA.The NZD/USD pair maintains a strong bearish bias despite recent upward movements as buyers seem to have stalled at around 0.6000 and struggle to gain further ground while momentum wanes. On the daily chart, technical indicators suggest a decelerating positive momentum for the pair while the prevailing downtrend persists. The Relative Strength Index (RSI) shows a positive trend after a slow ascend from the oversold region. However, the Moving Average Convergence Divergence (MACD) histogram reveals a transition towards diminishing green bars, indicating a decelerating bullish momentum. NZD/USD daily chart Contrastingly, the hourly RSI sits at 54. Although this is still in the positive territory, it is marginally edging lower. The past few hours have witnessed noticeable fluctuations, signaling varied buying and selling pressures. The hourly chart's MACD registers a decrease in green bars, implying receding positive momentum. NZD/USD hourly chart Broadening the perspective further reveals that the NZD/USD is caught in a downtrend as it lies beneath the 100 and 200-day Simple Moving Averages (SMA). That being said, its position above the 20-day average still gives some light to the bulls as it hints at a short-term positive outlook. In summary, the technical indicators of the NZD/USD pair suggest a slowing positive momentum on both the daily and hourly charts, while the prevailing downtrend continues. NZD/USD Overview Today last price 0.6006 Today Daily Change 0.0004 Today Daily Change % 0.07 Today daily open 0.6002   Trends Daily SMA20 0.5945 Daily SMA50 0.6016 Daily SMA100 0.6097 Daily SMA200 0.6039   Levels Previous Daily High 0.6021 Previous Daily Low 0.5995 Previous Weekly High 0.6046 Previous Weekly Low 0.5875 Previous Monthly High 0.6079 Previous Monthly Low 0.5851 Daily Fibonacci 38.2% 0.6005 Daily Fibonacci 61.8% 0.6011 Daily Pivot Point S1 0.5991 Daily Pivot Point S2 0.598 Daily Pivot Point S3 0.5965 Daily Pivot Point R1 0.6017 Daily Pivot Point R2 0.6032 Daily Pivot Point R3 0.6043    

USD/JPY drifted higher on Wednesday, marking in a third straight day of easy gains as the pair pares away recent losses from two suspected “Yenterventions” by the Bank of Japan (BoJ).

USD/JPY found further gains as Yen recedes post-”Yentervention”.US consumer sentiment survey results due on Friday.BoJ remains tight-lipped on FX market interventions.USD/JPY drifted higher on Wednesday, marking in a third straight day of easy gains as the pair pares away recent losses from two suspected “Yenterventions” by the Bank of Japan (BoJ). The Yen has battled back from multi-decade lows, but progress is limited as the JPY resumes deflating across the board. The US economic data docket is fairly light this week, with only mid-tier data on the offering until Friday’s University of Michigan Consumer Sentiment Index. The UoM’s indexed survey of consumer economic expectations for May is expected to tick down to 76.0 MoM compared to the previous month’s 77.2. The UoM Consumer Sentiment Survey hit a two-and-a-half year high of 79.4 in March. The BoJ has gone to great lengths to neither confirm nor deny that the Japanese central bank undertook two separate currency interventions on behalf of the Japanese Yen (JPY) last week, but market participants noted that BoJ market operation reporting wildly overshot estimates, with the BoJ overspending on miscellaneous financing operations by around nine billion Yen in the first half of last week.The economic calendar remains relatively thin for the rest of the week, and USD/JPY traders will be looking ahead to a fresh round of inflation figures from the US next week, as well as Japan’s latest Gross Domestic Product (GDP) growth figures due early next Thursday. USD/JPY technical outlook USD/JPY has climbed back over the 200-hour Exponential Moving Average (EMA) at 155.04 in the mid-week market session, ticking into a fresh high near 155.70 and set for a run at the 156.00 handle. The pair has risen around 2.5% unimpeded from last week’s swing low below 152.00.USD/JPY closed on a third consecutive trading day in the green on Wednesday, and despite possible “Yenterventions”, the pair found technical support from the 50-day EMA at 152.72 and continues to trade well into bull country. The pair is up over 10% for the year. USD/JPY hourly chart USD/JPY daily chart USD/JPY Overview Today last price 155.48 Today Daily Change 0.78 Today Daily Change % 0.50 Today daily open 154.7   Trends Daily SMA20 154.77 Daily SMA50 152.08 Daily SMA100 149.43 Daily SMA200 148.54   Levels Previous Daily High 154.75 Previous Daily Low 153.87 Previous Weekly High 160.32 Previous Weekly Low 151.86 Previous Monthly High 160.32 Previous Monthly Low 150.81 Daily Fibonacci 38.2% 154.41 Daily Fibonacci 61.8% 154.2 Daily Pivot Point S1 154.12 Daily Pivot Point S2 153.55 Daily Pivot Point S3 153.24 Daily Pivot Point R1 155.01 Daily Pivot Point R2 155.32 Daily Pivot Point R3 155.89    

Brazil Interest Rate Decision in line with expectations (10.5%)

New Zealand's Finance Minister Nicola Willis gave speech notes ahead of Thursday's Pacific market session regarding New Zealand's latest budget notes.

New Zealand's Finance Minister Nicola Willis gave speech notes ahead of Thursday's Pacific market session regarding New Zealand's latest budget notes. NZ Finance Minister Willis noted that New Zealand's economic situation continues to deteriorate, putting significant pressure on both New Zealanders and the NZ government's abilities to operate. Key highlights The economic situation is challenging for government books. Growth forecasts keep getting worse. It won't be a big-spending budget, this is a time for restraint but not austerity. Tax relief will be meaningful, but modest. Tax cuts won't add to inflation.

Manager of the System Open Market Account (SOMA) at the New York Federal Reserve (Fed) Roberto Perli noted during prepared remarks on Wednesday that the Fed's recent announcement to slow the pace of Fed balance sheet run-off should reduce prospects for market stress.

Manager of the System Open Market Account (SOMA) at the New York Federal Reserve (Fed) Roberto Perli noted during prepared remarks on Wednesday that the Fed's recent announcement to slow the pace of Fed balance sheet run-off should reduce prospects for market stress.  According to NY Fed SOMA Perli, the Fed's decision to slow the pace of balance sheet shrinkage represents an "important and prudent step" in managing an uncertain process that could stress money markets. Key highlights The balance sheet wind down process has been smooth. Recent signs of money market volatility are not a concern. The Fed has tools to deal with unexpected money market stress. The final destination for the Fed's balance sheet remains unknown right now.
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